The $3.98 Trillion Trojan Horse


    The White House and House leaders are going all out to sell their monstrosity of a budget bill, which they claim will cost $1.75 trillion over 10 years. The Treasury even rolled out an estimate claiming it will reduce the federal deficit. Anyone who believes this probably responds to email pitches from Nigeria.

    For a dose of reality, the better source is the Penn Wharton Budget Model, which on Thursday rolled out its own score of the latest version of the White House ‘framework” deal that House Democrats are moving to pass this week or next. No economic-fiscal model is perfect, but Penn Wharton tries to take into account the impact of tax and spending changes on the economy as well as the federal budget.


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